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Premium holiday for employees in CBC optional life insurance plans

CBC employees who participate in the Optional Life Insurance Plans (employee-paid only) are about to get a break. At the September meeting of the Consultative Committee on Staff Benefits, we agreed to a premium holiday that will run from October 2008 through March 2009. The premium holiday applies to the Optional Life, Dependent Life and Reducing Term Life insurance policies. These plans have accumulated surpluses, so we’re using some of that money (about $730,000) to cover the premiums for members during that six-month period.

Our long-term disability plan continues to show stability. At the June meeting, we approved a premium reduction that comes into effect October 1, 2008 (1.55% of salary compared to 1.7%). This month, the CCSB approved a 2% cost-of-living adjustment for people still on LTD who weren’t already covered by the automatic increase that was in effect until 2002. This latest adjustment comes into effect on October 1, and will apply to employees still on LTD who became disabled between 2002 and the end of 2007. Employees who went on LTD before 2002 already are covered by the previous automatic adjustment.

While we’ve seen some improvement in the overall LTD plan, it’s still sobering to see that, as of July 31, 306 CBC employees were off work and on LTD. That’s not a record high, but it’s close.

During the meeting, CCSB members were given presentations by Human Solutions – the CBC’s new provider of the Employee Assistance Program ? and the division of Great West Life that administers our Group RRSP program. We’re looking at whether it is feasible to introduce some new RRSP products, but that’s going to take some further study.

As well at this meeting, Jon Soper was nominated to continue his term as the English employee representative on the CBC Pension Board of Trustees for another two years.

Your representatives at the September 2008 CCSB:

Marc-Philippe Laurin
Ralph Legare
Carrie May
Barbara Saxberg
Jon Soper
Gabi Durocher
Dan Oldfield

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